First Union Shuts The Money Store

First Union Corp. yesterday said it would close The Money Store and seek a buyer for its commercial and consumer credit card portfolios as part of a restructuring of its operations. The Charlotte, NC, bank holding company said it expected to incur a charge of $2.8 billion to complete the restructuring.

The Money Store is First Union's consumer financing arm known for its pervasive direct response advertising touting the 1-800-LOAN-YES number. First Union acquired The Money Store two years ago for about $2.1 billion.

A notice on themoneystore.com Web site said the company no longer would accept applications for loans but would continue to provide service for existing customers through the toll-free number.